Bad news at The New York Times
New York Times third-quarter advertising revenue is expected to drop by eight per cent, double the previous forecast in July.
New York Times third-quarter advertising revenue is expected to drop by eight per cent, double the previous forecast in July.
Print revenue advertising is expected to drop 10 per cent, according to an Reuters article by Jennifer Saba, and digital advertising will fall two to three per cent.
Editor-in-chief Jill Abramson told Reuters she hopes the declining ad revenue won't spark more layoffs at the paper. "The economy is so uncertain at this point," she said, "I certainly haven't been told by anybody that there will be specific consequences of any economic trends right now. But it's a very cloudy economy."
On the day of the announcement — Sept. 21 — shares fell 46 cents, or 6.9 per cent, closing at $6.18.
